Part 1: Project Management & Business Acronyms
Welcome to our Four-part article series, “From CCB to WBS: Acronyms for Project Managers.” Our series aims to demystify this alphabet soup, providing project managers with a practical guide to navigate the terminology used by stakeholders, team members, and experts from diverse functional areas. Whether you're leading a technology-driven project, collaborating with financial analysts, or overseeing a cross-functional team, this series will empower you with the knowledge to communicate effectively and lead with confidence.
It’s become a common joke how rife with jargon most industries are. Don’t believe me? Just check out the Dilbert-inspired corporate jargon generator and tell me you don’t recognize a few words and phrases from your own organization.
Imagine you’re a brand-new project manager (PM) attending your first project review. The review is led by your supervisor, the director of the Project Management Office (PMO). Things are going well, until the meeting begins shifting from English into an unknown language rife with discussion of “sows” (SOWs), “swats” (SWOTs), and “smees” (SMEs). But on top of these new PM acronyms, you’re also faced by questions about the project’s IRR (internal rate of return), whether it’s a CR or T&M contract, and if accounting has processed the necessary POs for on-time material delivery. The quality team then chimes in asking about whether the project CDMO has been audited to ensure GMP compliance. You entered the project review feeling confident in your understanding of your project’s performance to date, but you are starting to feel uncertain of yourself.
Because of their uniquely cross-functional role within the organization, new PMs can face particularly high barriers to entry and success in new industries and agencies. Not only do PMs need to know project management specific terminology, but they also need to learn the language of all the teams they work with. This may consist of technical teams of scientists, quality specialists, contract and human resources managers, accountants, and the list goes on!
At every job I’ve ever had, I’ve kept a notebook page (in earlier years), or OneNote page (in later years) dedicated solely to jotting down acronyms as they popped up in meetings or conversations. Even years into my tenure on a project or at an organization, I continued to discover new acronyms to add to my list. This article series is meant to jumpstart new PMs as they face the steep learning curve inherent in this industry. Effective communication is at the heart of successful project delivery, and understanding the language of acronyms is a key component of this skill set.
In Part 1 of this series of articles, we begin by looking at project management-specific acronyms. Later in the series, we’ll explore common financial, legal, contracting, manufacturing, and quality acronyms we think every PM should know. Bookmark this page, copy and paste it into your own OneNote or Excel acronym tracker, and come back to it when you need it. Don’t hesitate to reach out to us and let us know what we missed!
CCB (Change Control Board): A body responsible for reviewing, evaluating, approving, delaying, or rejecting changes to the project.
CPI (Cost Performance Indicator): An Earned Value Management (EVM) metric assessing a project’s financial performance.
CPM (Critical Path Method): A project management technique used to identify the task sequence that determines the project's duration, focusing on the critical path.
EVM (Earned Value Management): A project management technique that helps measure and track a project's progress by comparing the actual work completed (earned value) to the planned work and associated costs.
Gantt Chart: A visual representation of project tasks displayed over time, showing the start and finish dates of elements of a project. We threw this one in here because Gantt is often assumed to be an acronym, but in fact it’s not – Gantt charts are named after their inventor, Henry Gantt!
KPI (Key Performance Indicator): A measurable variable indicating how effectively an organization, project, or individual is achieving its objectives.
PMBOK (Project Management Body of Knowledge): A guide published by PMI providing standard terminology, guidelines, and best practices for project management.
PMI (Project Management Institute): A professional association and one of the leading global authorities in the field of project management. PMI oversees professional certifications like the PMP.
PMO (Project Management Office): A central group within an organization that defines and maintains project management standards and practices.
PMP (Project Management Professional): A globally recognized certification awarded by PMI that demonstrates a project manager’s expertise and knowledge in project management.
PPM (Project Portfolio Management): The centralized management of one or more project portfolios, organized in a manner consistent with achieving organizational objectives.
PRINCE2 (Projects IN Controlled Environments): A process-driven project management methodology that is common in the United Kingdom.
RACI (Responsible, Accountable, Consulted, Informed): A PM tool, typically represented in matrix form, highlighting the roles and responsibilities of project team members. Also sometimes referred to as RAM.
RAG (Red, Amber, Green): A visual system used to indicate the status of various elements of a project (Red for issues, Amber for caution, Green for good status).
RAM (Responsibility Assignment Matrix): A PM tool, typically represented in matrix form, highlighting the roles and responsibilities of project team members. Also sometimes referred to as RACI.
SMART (Specific, Measurable, Achievable, Relevant, Timely): An acronym commonly used in to define criteria for setting project objectives and goals.
SOW (Statement of Work): A document outlining the details and expectations of a project, typically in the context of a contract or agreement between a client and service provider.
SWOT (Strengths, Weaknesses, Opportunities, Threats): A planning and analysis tool used by organizations to evaluate their internal and external environments to support strategic decision-making.
WBS (Work Breakdown Structure): A hierarchical decomposition of the total scope of work to be carried out by the project team, used to organize and define the total scope of the project.